Question
The following data concerning the retail inventory method are taken from the financial records of Sandhill Company. Cost Retail Beginning inventory $ 192000 $ 276000
The following data concerning the retail inventory method are taken from the financial records of Sandhill Company. Cost Retail Beginning inventory $ 192000 $ 276000 Purchases 892000 1240000 Freight-in 23600 Net markups 79600 Net markdowns 55600 Sales 1304000 If the ending inventory is to be valued at approximately the lower of cost or market, the calculation of the cost-to-retail ratio should be based on goods available for sale at (1) cost and (2) retail, respectively of $1107600 and $1540000. $1107600 and $1516000. $1107600 and $1595600. $1084000 and $1516000.
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